CMC floated for £691m, roughly 20 times its £34m earnings. Sources with knowledge of FXPro’s plans expect it to aim for a valuation of 17 times earnings, as the company is less diversified than CMC Markets.

The group has not published overall profit figures. FXPro is based in Cyprus and services customers in more than 150 countries. The latest Companies House figures for its UK-registered entity alone show losses of £63,537 in 2014 on revenues of £619,966.

One reason for floating would be to improve confidence in the firm’s corporate governance. In FXPro’s corporate home, Cyprus, rules for establishing a finance business are relatively loose.

By contrast, a London listing would illustrate to investors and customers that the company can meet much tighter regulations.

The company, which sponsored Fulham Football Club from 2010 to 2013, is still thought to be considering floating this year, depending on market conditions.

Currency brokerage Alpari was trashed by market volatility last year between the Swiss franc and the euro Photo: PA